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SophieFX's Journal

  • #1
  • First Post: Edited Aug 27, 2015 12:21pm Aug 22, 2015 2:35pm | Edited Aug 27, 2015 12:21pm
Hello

The purpose of this journal is to log my own progress over time as I learn and hopefully become a more experienced trader. I think I am slowly getting there

I have mainly been trading based on the daily chart, but have the opportunity to day-trade in the coming time, so I have made a trend following trading system based on 1H charts. This should reduce the stop distance and potentially increase my profit potential while still keeping risk very low. I am conservative and risk averse.

I monitor the following 6 currency pairs: EUR/USD, GBP/USD, AUD/USD, USD/JPY, EUR/JPY and USD/CAD.

Here is my starting point (and my goal is to eventually make +5% above benchmark rate (The Riksbank) each month on a consistent basis)

I carry a little draw down from a couple of losses on daily/4H EUR/AUD trades, but it is well within my acceptable limit of -10.00%. This is my uncle point.

August 2015
Starting balance: $500.00
Current balance: $521.95
Realized P&L: $21.95
%P&L: +4.39%
No. trades: 10 | Wins: 7 | Losses: 1 | B/E's: 2 | Win rate: 70.0% | R-multiple avg. of winners: 1.00
Trading efficiency: 80%

I will post my trades as quickly and close to live as I can.

Good trading to all of you.

Stay safe
  • #2
  • Aug 22, 2015 11:48pm Aug 22, 2015 11:48pm
Quoting SophieFX
Hello The purpose of this journal is to log my own progress over time as I learn and hopefully become a more experienced trader. I think I am slowly getting there I have mainly been trading based on the daily chart, but have the opportunity to day-trade in the coming time, so I have made a trend following trading system based on 1H charts. This should reduce the stop distance and potentially increase my profit potential while still keeping risk very low. I am conservative and risk averse. I monitor the following 10 currency pairs: EUR/USD,...
hi sophie
whats your strategy? any chart?
thanks and good luck
  • #3
  • Aug 23, 2015 12:42am Aug 23, 2015 12:42am
Quote
hi sophie
whats your strategy? any chart?
thanks and good luck

Hi dimdel

Thanks. I have not really decided yet if I want to reveal my actual trading methodology, but the strategy is to use the methodology combined with risk averse and conservative money management, in order to become consistently profitable (to achieve goals as described in first post). I have attached a chart where you can see that I only take my entries in a defined time window (08:00-17:00), catching pullbacks in the overall trend. The philosophy is to get into a trend with a high probability entry, reducing the stop distance and thus maximizing the potential profit factor. These last two trading sessions in the Euro was real nice and easy. Both would have been long entries and large R-multiples.

It will not always be the case, as the chart on Loonie shows, where there would not have been any entries in the last couple of sessions, but manual back tests are very positive, so the trick now is to consistently and efficiently (very important) apply it to future live markets. The only MA on the chart is the 50 ema (on close) used for trend bias.

Sophie
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSDH1.png Size: 26 KB
Click to Enlarge Name: USDCADH1.png Size: 36 KB
  • #4
  • Aug 23, 2015 5:44am Aug 23, 2015 5:44am
THANKS
  • #5
  • Aug 23, 2015 6:32am Aug 23, 2015 6:32am
Quote
THANKS
​
  • #6
  • Edited 4:30am Aug 24, 2015 1:04am | Edited 4:30am
A couple of signals early in the session:

Trade #1: Long EUR/USD
Trade #2: Long GBP/USD

Details will be updated.

Update:

Cable really took off quickly after my entry... here is the entry details:

Trade #1: Long EUR/USD @ 1.1484. SL 1.1419 (65p). TP 1.1549 (65p) 1:1 RR. Closed at B/E. Position was at +19 at some point. I actually violated a basic rule of the system by taking this trade. Drop in efficiency unfortunately.
Trade #2: Long GBP/USD @ 1.5670. SL 1.5629 (41p). TP 1.5711 (41p) 1:1 RR. TP hit for +1% profit.

Update:

I am manually closing the Euro long at b/e. Am very satisfied getting off to a good start with a 1% gain.
There was also a signal on USD/CHF (to sell) but ignored it as I was already exposed in EUR/USD.
  • #7
  • Aug 24, 2015 5:48am Aug 24, 2015 5:48am
Quote
Trade #1: Long EUR/USD @ 1.1484. SL 1.1419 (65p). TP 1.1549 (65p) 1:1 RR. Closed at B/E. Position was at +19 at some point. I actually violated a basic rule of the system by taking this trade. Drop in efficiency unfortunately.

TP in 1549 was eventually hit...
  • #8
  • Aug 24, 2015 10:54am Aug 24, 2015 10:54am
Quote
Trade #2: Long GBP/USD @ 1.5670. SL 1.5629 (41p). TP 1.5711 (41p) 1:1 RR. TP hit for +1% profit.

This was a pretty crazy day

Sitting here thinking what if any I learned from today's price action... guess I learned I should trust my system a little more. Could have gotten +2% instead of +1%. Or even +3% had I also shorted USD/CHF. Second is, my account was not hurt by the wild spikes. And is it over or will Asia spark another bloodbath?

I took one trade outside the system (See chart), which was the 1 hour pin bar on USD/CAD but for the sake of tracking this system, I will not include the win. Sold at break, target yesterday's high. And it just blew through to hit the 50 ema down below.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSDH1.png Size: 35 KB
Click to Enlarge Name: USDCADH1.png Size: 19 KB
  • #9
  • Aug 24, 2015 11:24am Aug 24, 2015 11:24am
good trading
  • #10
  • Aug 24, 2015 11:35am Aug 24, 2015 11:35am
I am taking a price action trade, outside the 1 hour system, 4 hour pin bar on EUR/GBP which is a beauty. TP around 0.7230. SL 0.7405.
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBPH4.png Size: 25 KB
  • #11
  • Aug 24, 2015 11:37am Aug 24, 2015 11:37am
Quote
good trading

Thank you dimdel. I hope you had a good day in the markets also
  • #12
  • Aug 24, 2015 12:25pm Aug 24, 2015 12:25pm
Quoting SophieFX
I am taking a price action trade, outside the 1 hour system, 4 hour pin bar on EUR/GBP which is a beauty. TP around 0.7230. SL 0.7405. {image}

Looks like a good setup all around!
I might even be tempted to try and squeeze more profit from it ..7160 level
  • #13
  • Aug 25, 2015 12:11am Aug 25, 2015 12:11am
Is it just me or is the FF website really slow this morning?

Trade #3:
A trade has triggered, long EUR/CHF @ 1.0797. SL @ 1.0769. TP 1.0825. 1R.

I don't think much else will trigger as the system is based on trend following and we need to see some retracements first.

Otherwise, I would be perfectly happy just to sit tight and watch EUR/GBP drop
  • #14
  • Aug 25, 2015 12:24am Aug 25, 2015 12:24am
Quote
Trade #3:
Quote
A trade has triggered, long EUR/CHF @ 1.0797. SL @ 1.0769. TP 1.0825. 1R.

Wow, I am trying to post as quickly as possible, but this trade also hit its TP quite fast.

Normally, it does not reach the targets this quickly. But very happy to have booked another +1%.
Attached Image (click to enlarge)
Click to Enlarge Name: EURCHFH1.png Size: 40 KB
  • #15
  • Aug 25, 2015 1:00am Aug 25, 2015 1:00am
Trade #4:
Long GBP/USD

Update 10:03
Long GBP/USD @ 1.5778. SL 1.5751. TP 1.5832. R:R 1:2
  • #16
  • Edited 7:02am Aug 25, 2015 3:53am | Edited 7:02am
Quote
I am taking a price action trade, outside the 1 hour system, 4 hour pin bar on EUR/GBP which is a beauty. TP around 0.7230. SL 0.7405.

Price has reached the 38.2% fib retracement and very near the hourly 50 ema, so I am taking this - to me - rather large profit off the table @ 0.7265.

+85 pips or +1.55R for this trade (per position)

Very very pleased with this
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBPH1.jpg Size: 75 KB
  • #17
  • Aug 25, 2015 4:05am Aug 25, 2015 4:05am
Quote
Trade #4:
Quote
Long GBP/USD

Update 10:03
Long GBP/USD @ 1.5778. SL 1.5751. TP 1.5832. R:R 1:2

Closing manually @ B/E.
Don't like the price action above 1.5800.
  • #18
  • Aug 25, 2015 6:50am Aug 25, 2015 6:50am
Just for my own notes/records:

- Missed a long signal on USD/CAD. Would have been a +1R trade.

- There were directional signals short on EUR/JPY and short on GBP/JPY but the MM rules of the system prevented entry. But interesting to see the market moved in the right direction afterwards.

- AUD/USD might trigger a short signal. Stay alert. Will most likely be the last trade of the day.

- Ohh, also, my feeling that Euro, Cable and Aussie had to retrace seems correct.
  • #19
  • Aug 25, 2015 10:58am Aug 25, 2015 10:58am
The way I see it, it's all about risk off right now. Which means the JPY and CHF will be in demand, followed by USD.

I like the scope of short GBP/JPY, EUR/JPY, USD/JPY, AUD/USD, USD/CHF, EUR/USD, GBP/USD and EUR/CHF. Only long is USD/CAD.

So for the next sessions, I will be looking for small pullbacks to sell into, at least until this market sentiment changes.
  • #20
  • Aug 26, 2015 12:04am Aug 26, 2015 12:04am
I am taking signals short on GBP/JPY, USD/JPY, AUD/USD and USD/CHF.

Trade # 5, 6, 7 and 8.

I am stretching the risk exposure with 4% but I think these are good retracements...
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